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Tommy Hilfiger & Calvin Klein push PVH sales

28
Mar '12
PVH Corp. reported 2011 fourth quarter and full year results.

Earnings per share was $1.18 on a non-GAAP basis, which exceeded the Company's guidance and the consensus estimate and represents an increase of 27% over the prior year's fourth quarter non-GAAP earnings per share of $0.93.

GAAP earnings per share were $1.11, which exceeded the Company's guidance and represents an increase of 54% as compared to the prior year's fourth quarter GAAP earnings per share of $0.72.

Revenue increased 10% to $1.533 billion over the prior year's fourth quarter. The revenue increase of $134.7 million is attributable to the net effect of:
i) an increase of $111.2 million, or 16%, in the Company's Tommy Hilfiger business;
ii) an increase of $29.5 million, or 12%, in the Company's Calvin Klein business; and
iii) A decrease of $6.0 million, or 1%, in the Company's Heritage Brands business.

Earnings before interest and taxes on a non-GAAP basis of $128.4 million was relatively flat to the prior year's fourth quarter, as the Tommy Hilfiger and Calvin Klein revenue increases noted above were offset by a decrease in the Heritage Brands business due to a reduction in gross margin rates resulting from the impact of product cost increases.

GAAP earnings before interest and taxes improved to $108.9 million from $91.8 million in the prior year's fourth quarter, primarily due to the impact of reduced integration and restructuring charges.

Commenting on these results, Emanuel Chirico, Chairman and Chief Executive Officer, noted, “During a year of tremendous volatility in the markets and significant product cost pressures impacting the industry, we are extremely pleased with our 2011 results, led by our global Calvin Klein and Tommy Hilfiger businesses. Our Calvin Klein and Tommy Hilfiger businesses continued to demonstrate their power and ability to drive double-digit growth both domestically and internationally and today represent approximately three quarters of our business.”

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PVH Corp


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